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20130228
20130228
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CNBC 2
CSPAN 1
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CNBC
Feb 28, 2013 4:00am EST
year. >>> and the eu moves to clamp down on big paychecks in the banking sector, looking to cap bonuses on a banker's salary as early as next year. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> okay. we're back. you're mobiled up and we have some data. >> yes. it's such a mobile world, isn't it, in many ways. let's first talk about what's happening with the german unemployment figures. we were waiting on these. it turns out 6.9%, that is the unemployment level for germany in january. the unadjusted figure is 7.4%. it's higher than expected. you can see the forecast was for 6.8%. the prior month was revised higher. the rate itself was unchanged. that's a right i think here in london or certainly in the u.s. they wouldn't mind seeing at this point. >> we've created a million private sector jobs. >> in britain? >> yeah. >> well, congratulations. >> there you go. that is the great conundrum, right? >> it's true. the different between -- well, and even with germany. the liesh market social security holding up, despite the sharp contr
CSPAN
Feb 28, 2013 5:00pm EST
. but if the questioning gets difficult i'm going to try to look like i were him and direct the questions away from 3450eus. the central question is why is the economy not growing faster after a deep recession? and i think there are three primary reasons for that but before i state those reasons i would like to make one factual observation which is this is not the weakest recovery in memory. it is not the weakest of the last two. the 2001 recovery was substantially slower than this one. what is different about this one is it is not v shaped in the way professor points out in his testimony. it was after the deep recessions of 1975 and 1982. i think there are three reasons why that is. the first is this recession came from the popping of a bubble unlike the 1982 and 1975 recessions and popping bubbles are much more difficult to escape from the grips of than are the other. so in 1982 my dear friend paul voker rose the -- the interest rates rose to over 20% on mortgages. economic activity slowed dramically as interest rates came down that pinned up demand came right back. that is not having a do a lot of stru
CNBC
Feb 28, 2013 6:00am EST
job opportunities for -- and the eu commission is already discussing this i think this is something that has to be added, and that, i hope, will also increase the understanding of the population of these countries. >> what do you think about what the bank of japan is doing right now with its policies, really pressuring the yen, that adds pressure, in turn, to the euro, which has pushed higher, versus the yen on these things, the u.s. watches that very closely. what do you think of their policy? >> yes, of course, we do watch it. but i think it's much overblown to speak of the currency war, something like that. what we observe is that the japanese central bank, the japanese government, wants to avoid the deflationary development, which i think makes a lot of sense. so i'm not too much concerned about that. >> so it's not a beggar thy neighbor policy at this point with the central banks around the globe? >> no. if it really leads to higher growth, that is the intention to have, then it's not beggar thy neighbor, then it's something that is helpful for all of us. and with regard to the
Search Results 0 to 2 of about 3